Nearly two-thirds of Palm Beach County homes sold in the second quarter were bought in all cash deals, according to RealtyTrac data. [more]
Posts Tagged ‘all-cash’
Forget financing — all-cash new and existing home deals are becoming commonplace throughout South Florida, according to RealtyTrac.
In the first quarter of the year, all cash sales represented 67 percent of new and existing home purchases in South Florida, according to RealtyTrac data cited by the South Florida Business Journal. [more]
Florida led the nation last month with what RealtyTrac spokesman Daren Blomquist called an “astounding” rate of all-cash home sales: 66 percent. [more]
The Magic City’s fame as an international business and hospitality center continues drawing foreign cash buyers to Miami-Dade County rather than to cheaper Broward and Palm Beach counties, South Florida-based developer Henry Pino told the South Florida Business Journal. [more]
Last month Fannie Mae made a little-publicized minor change in the rules for all-cash buyers to apply for mortgages, according to CNBC. The government-sponsored mortgage provider has loosened its regulations to allow a cash-out refinance within six months of a purchase when no financing was obtained, rather than the previously required minimum of six months.
The change is a blessing for investors, CNBC said, who can now get equity out of their investments at a faster rate. It also offers homebuyers a chance to compete with all-cash investors.
“There is a role for everyone in stabilizing the market, including those who invest in properties to repair and improve them, owner occupant buyers, and those that build and maintain quality, affordable rental units,” said a Fannie Mae spokesperson Andrew Wilson. [more]